Sec. 1. (a) For purposes of this section, the net taxable value of property interests transferred by a decedent to a particular transferee equals the remainder of:
(1) the total fair market value of the property interests transferred by the decedent to the transferee under a taxable transfer or transfers; minus
(2) the total amount of exemptions and deductions provided under sections 9.1 through 15 of IC 6-4.1-3 (before its repeal) with respect to the property interests so transferred.
(b) The inheritance tax imposed on a decedent's transfer of property interests to a particular Class A transferee is prescribed in the following table:
NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED
INHERITANCE TAX
$25,000 or less
1% of net taxable value
over $25,000 but not
over $50,000
$250, plus 2% of net
taxable value over $25,000
over $50,000 but not
over $200,000
$750, plus 3% of net
taxable value over $50,000
over $200,000 but not
over $300,000
$5,250, plus 4% of net
taxable value over $200,000
over $300,000 but not
over $500,000
$9,250, plus 5% of net
taxable value over $300,000
over $500,000 but not
over $700,000
$19,250, plus 6% of net taxable value over $500,000
over $700,000 but not
over $1,000,000
$31,250, plus 7% of net taxable value over $700,000
over $1,000,000 but not
over $1,500,000
$52,250, plus 8% of net taxable value over $1,000,000
over $1,500,000
$92,250, plus 10% of net taxable value over $1,500,000
(c) The inheritance tax imposed on a decedent's transfer of property interests to a particular Class B transferee is prescribed in the following table:
NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED
INHERITANCE TAX
$100,000 or less
7% of net taxable value
over $100,000 but not
over $500,000
$7,000, plus 10% of net
taxable value over $100,000
over $500,000 but not
over $1,000,000
$47,000, plus 12% of net taxable value over $500,000
over $1,000,000
$107,000, plus 15% of net taxable value over $1,000,000
(d) The inheritance tax imposed on a decedent's transfer of property interests to a particular Class C transferee is prescribed in the following table:
NET TAXABLE VALUE OF PROPERTY INTERESTS TRANSFERRED
INHERITANCE TAX
$100,000 or less
10% of net taxable value
over $100,000 but not
over $1,000,000
$10,000, plus 15% of net taxable value over $100,000
over $1,000,000
$145,000, plus 20% of net taxable value over $1,000,000
As added by Acts 1976, P.L.18, SEC.1. Amended by Acts 1977(ss), P.L.6, SEC.7; Acts 1979, P.L.75, SEC.10; Acts 1980, P.L.57, SEC.12; P.L.87-1983, SEC.5; P.L.86-2018, SEC.78.
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